Juanita Ridge Fourplexes

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10915 & 10925 NE 128th, Kirkland , WA 98034
Juanita Ridge Fourplexes
Rare Eastside Multifamily Opportunity
The offering is two, side-by-side fourplexes that can be bought together or separately and qualify for residential financing. The properties are located a block from Juanita High School, and less than a mile from I-405 interchange and The Village at Totem Lake. Built in 1990, each building consists of two large 2 bedroom/2 bath units, and two large 3 bedroom/2 bath units each with in-unit laundry. Together the properties have four garage parking spaces and 12 surface parking spaces.
The units have been modestly updated over the years and upside remains in renovating the units further to capture additional rental income. Comparable properties in the area demonstrate there is nearly $600 to $950 of rental upside through interior unit renovations consisting of new cabinets, quartz countertops, stainless steel appliances, and LVP flooring. Additional income can be generated by improved management through implementing a utility bill back system and charging for the four garages on the property.
Located in the highly sought-after Eastside, the Juanita Ridge Fourplexes are located within a 15-minute drive of the three major employment and recreational hubs: Kirkland, Bellevue, and Redmond. With the growing demand for housing and lack of housing supply, the Kirkland submarket is experiencing nearly 12% year-over-year rent growth with 7%-10% annual rent growth projected over the next two years. Home prices in the 98034 zip code have appreciated 29% over the last year and the typical home value is $1,050,000.
Matt Johnston
Broker (Multi Family)
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